At the end of yesterday’s trading session, the Nigerian All Share Index closed in red as the benchmark index declined by 0.48% to close at 46,543.51 points.
Yesterday’s performance was due to selloffs in heavyweight stocks such as DANGSUGAR (-1.90%) and ETI (-2.92%). Consequently, the YTD return decreased to 8.96% as market capitalisation fell by ₦120.04 billion to close at ₦25.09 trillion.
The sectoral performance was weakened as three of the five indices under coverage declined while the Industrial index closed flat. The Consumer Goods index, the biggest loser, fell by 0.19% on DANGSUGAR (-1.90%). The Banking and Insurance Indices followed suit, falling by 0.12% and 0.08% on ETI (-2.92%) and MANSARD (-1.63%) respectively. Conversely, the Oil and Gas index, the only gainer, climbed up by 0.39% on CONOIL (+9.89%).
Investors’ sentiment strengthened as the market breadth increased to 1.33x from 0.89x. This was illustrated by the advance of 20 stocks, led by CONOIL (+9.89%) and RTBRISCOE (+9.80%) and the decline of 15 stocks, led by VERITASKAP (-8.70%) and UACN (-7.49%). Activity level weakened as the total volume and value decreased by 6.71% and 3.46% respectively as investors exchanged about 244.04mn units of shares worth over N2.35bn.
We expect positive sentiment to return in the next trading session as the equities market still presents decent opportunities for investors chasing positive real returns on investments.
Fixed Income
There was mixed sentiment across the bond yield curve as two of the four bond yields under coverage compressed while the yields on the FGN-JAN-2026 and FGN-JUL-2030 bonds closed flat. The yields on the FGN-APR-2023 and FGN-MAR-2024 compressed by 2bps and 1bp respectively.
Treasury bill yields for the 91-day paper closed flat at 1.88% while the yields on the 182 and 364-day papers compressed by 4bps and 23bps to close at 3.00%, and 4.25% respectively.
We expect market activity to be influenced by the liquidity levels and foreign investors’ participation.
MARKET SNAPSHOT
- Domestic Trajectory Persists in the Local Bourse, NGX ASI Sheds 48bps
- Mixed Sentiment across the Bond Yield Curve
- Negative Performance in Global Stocks
- Brent Crude Reports at $101.00/barrel
- Negative Performance in African Stocks
